Ten Real-World Factors pointing to Commercial Growth & Success
Always Develop a Strategic Plan. A business operates at its best when a strategic plan is in place. Instead of making the mistake and evaluating commercial success by how hard you work and whether there is enough money to cover wages, ensure you develop a strategic plan and follow it through.
Become an Expert Business Strategist. Set your sights on planning the future of your business by establishing leadership teams and delegating responsibilities and duties. This strategy might well need a change in certain staff roles, but it will certainly assist to give increased control for the future success of the business.
Allow Flexibility in the Strategic Plan. A business strategic plan must be considered “work-in-progress” and it should evolve in direct relation to the long term goals that have been set. Although flexibility is imperative, this does not mean that a business should be run without a strategic plan.
Focus on Short Term Growth. Crucial business goals must be monitored daily and/or weekly as opposed to monthly. Keep your finger on the pulse. When focusing on business growth in the short term, there will be far less concern over the long term.
Create Reporting Systems. Daily reviews and analysis will assist to measure and clarify where business efforts must be improved and/or fine-tuned. This applies to reviews of individual employee performance. Strategic plans cannot operate successfully without efficient reporting systems that will manage and track crucial information. Develop an Ideal Management Model. Creating a new management model enables change and improvements as well as preparing the business for a positive move forward. Ensure that all levels of staff are included in both the planning and the implementation procedures. Hold Management Meetings Daily. A daily meeting develops the commitment and intensity of staff teams and allows businessmen to focus in on challenges and difficulties before they get out of control. Each meetings should focus on one key issue to ensure prompt results.
Control Overheads through Budgeting. Careful control of overheads at all times by using percentages as the measure rather than an absolute basis. Watch these percentages on a daily or weekly basis and take note of increases and decreases. These budget percentages will indicate when and what overheads require immediate attention.
Play to win. Every business should aim high and play to win. A business that blossoms is one that is creative, resourceful, flexible allowing change and plays to win.
Offer Employee-Incentives to Key Players. All staff members have the ability to encourage and push or, on the flip-side, to stall the business. Offering incentive schemes will contribute to the goals, success and profitability of the business. Build your incentive scheme based on specific scales and goals that each individual employee can relate to and effect.